A low-rise apartment complex just south of Miami International Airport has traded hands for $17.5 million or $118,000 per unit, Miami-Dade County records show.
A company tied to RAIT Financial Trust, a real estate investment trust based in Philadelphia, sold the 148-unit multifamily property in unincoporated Miami-Dade. CFO and treasurer James L. Sebra signed the deed transfer of ownership. Regency Manor Residences LLC is the buyer.
The 4.2-acre site, at 1102 Northwest 43rd Avenue, is near the Dolphin Expressway. It was built in 1969, according to county property records. The complex has seven buildings and a community pool. It includes 26 one-bedroom, one-bathroom apartments and 122 two-bedroom, one-bathroom apartments.
CREC Senior Vice President Peter Mekras represented the seller and worked with CREC’s Multifamily Transaction Analyst Chris Bate on the sale.
“The sale of Regency Manor speaks to the market’s vast demand for stable cash flow generated from apartments. Miami’s vibrant economy will allow for continued rent growth as development sites remain scarce,” Mekras said in a press release. “Apartment communities of scale in South Florida are primarily being acquired by institutions who recognize the discount to replacement cost and sustainable cash flow yield benefits for owning multifamily in a growing and high barrier to entry market like Miami.”
The buyer also obtained a $10.5 million mortgage from Banco Popular North America, records show. John Sismanoglou and Anthony Roussos are listed on the buyer’s corporate records.